FxWirePro: Silver back below $17.00 mark, stay bearish only below $16.97 mark

• XAG/USD is currently trading around $16.99 marks.
   
• It made intraday high at $17.12 and low at $16.97 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $16.97 mark.
   
• A daily close above $17.20 will test key resistances at $17.37, $17.48 and $17.78 marks respectively.
   
• On the other side, a daily close below $17.02 will take the parity down towards key supports at $16.83, $16.70, $16.57, $16.07, $15.90, $15.70, $15.47 and $15.40 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position on XAG/USD only below $16.97, stop loss at $17.13 and target of $16.70/$16.57.